Evening Traders,
Today’s analysis – ELONUSDT- trading above its Local SR where support holding is considered bullish,
Points to consider,
- Price Action Corrective
- Local S/R Support
(.618 Fibonacci Confluence)
- Swing High Objective
- Low Volume
ELONUSDT’s immediate price action is corrective and is trading on its Local S/R support that has technical confluence with the .618 Fibonacci, allowing for a bullish bias.
The Swing High is the current objective, exceeding this level will increase the probability of a trend continuation.
The current volume profile is below average, an influx is highly imminent when an expansion occurs.
Overall, in my opinion, ELONUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee
Today’s analysis – ELONUSDT- trading above its Local SR where support holding is considered bullish,
Points to consider,
- Price Action Corrective
- Local S/R Support
(.618 Fibonacci Confluence)
- Swing High Objective
- Low Volume
ELONUSDT’s immediate price action is corrective and is trading on its Local S/R support that has technical confluence with the .618 Fibonacci, allowing for a bullish bias.
The Swing High is the current objective, exceeding this level will increase the probability of a trend continuation.
The current volume profile is below average, an influx is highly imminent when an expansion occurs.
Overall, in my opinion, ELONUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.